The Ifo institute said its business climate index stood at 87.3 following a revised reading of 88.6 in June. The drop was slightly bigger than forecast, with analysts polled by Reuters having expected a July reading of 88.0.
Europe's largest economy slipped into a technical recession in early 2023, defined by two consecutive quarters of contraction. Preliminary GDP data for the second quarter are expected on Friday. Carsten Brzeski, global head of macro at ING, said the German economy was feeling the effects of a weaker-than-hoped-for Chinese reopening, a looming U.S. recession and ongoing monetary policy tightening, ahead of another"The growing feeling that Germany is in for a longer period of subdued growth also seems to have reached German business," he said.
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